The translation of the heading to English is: "Ray Dalio warns of caution in the tension between interest rate policy and bond markets.

Ray Dalio, who is considered one of the most respected investors on Wall Street with a fortune of over 14 billion dollars, is concerned about the current state of the bond markets. The founder of Bridgewater Associates, the world's largest hedge fund with an asset management of approximately 97.2 billion dollars, notes that government bonds have not been good investments recently. According to Dalio, the risks in the bond market are high due to interest rate developments, particularly as fluctuations in Treasury yields have been significant. This assessment contrasts with the expectations of many market participants who anticipate further interest rate cuts in the USA. While the market welcomed the 50-basis point rate cut in September, Fed Chairman Jerome Powell warned that future rate cuts might be more cautious to avoid a recession and reduce inflation. Powell emphasizes that the Fed is not on a fixed course but weighs risks from meeting to meeting. Dalio's perspective on the U.S. economy remains optimistic, as he assesses the balance as relatively stable. Nevertheless, the imbalance in government bonds causes unrest, as institutional investors and central banks hold large quantities of these papers. Dalio's hedge fund, Bridgewater Associates, has extended its investment focus to various sectors. Notable is Bridgewater Associates' strong position in Alphabet, the third-largest holding in the portfolio with 4.54 million shares. Despite an ongoing investigation by the U.S. Department of Justice into the possible breakup of Google's dominance in the search engine market, analysts' optimism remains unshaken. Bridgewater has also positioned itself in the area of defensive investment strategies by investing in Procter & Gamble, known for its stable dividend policy. The consumer goods giant has been steadily profitable for 68 years, making it a staple for defensive investments.